Lenders rush to raise fixed-rate mortgages

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Homeowners and landlords hit as more lenders join the sudden rush to raise interest rates on home loans

A fresh wave of increases to mortgage interest rates by Britain’s biggest mortgage lenders is set to hit hundreds of thousands of homeowners and buy-to-let landlords.

Cheltenham & Gloucester, the mortgage brand owned by Lloyds Banking Group, increased its residential and buy-to-let deals by up to 0.3 percentage points today. A three-year fix for borrowers with a 25 per cent deposit has risen to 5.59 per cent.

Northern Rock has also raised its five-year fixes and buy-to-let deals by up to 0.2 percentage points today. The Principality building society is also pushing up costs of its fixed rates mortgages while